建筑行业周报：建筑低估值修复可期，材料锚定涨价和自主可控-20260316

Investment Rating - The industry rating is "Positive" (maintained) [2] Core Viewpoints - The traditional business fatigue has been fully reflected in the valuation of the construction sector, and changes in leading companies' operations should not be overlooked. The construction industry has experienced a continuous decline in physical workload growth due to factors such as a downturn in real estate investment and strict control of hidden debts, leading to a long-term valuation stagnation at historical lows, with some companies' PE ratios remaining between 5-10 times and dividend yields around 4%, which is better than bank deposits. Despite the challenging market environment, leading construction companies are actively exploring new growth avenues while consolidating their traditional businesses [1] - The low holding ratio of construction companies lays a foundation for valuation recovery, with multiple positive factors expected to catalyze upward elasticity in the sector. The government is expected to increase investment in major infrastructure projects, which may reverse the current decline in new construction starts. In this context, qualified and reliable leading engineering companies are likely to emerge from operational lows, boosting demand for upstream material companies [2] - Material companies are expected to benefit from price increases, with leading waterproofing companies announcing price hikes of 5%-10%. This price adjustment reflects enhanced pricing power among leading firms following supply-side clearing, indicating a rebound in profitability. Additionally, the report suggests focusing on new material companies that are advancing import substitution and are expected to benefit from industrial upgrades and policy support [2]